Earlier this week, White House economic adviser Gene Sperling announced his support for changes in the tax structure. “[W]e need a global minimum tax so that people have the assurance that nobody is escaping doing their fair share as part of a race to the bottom or having our tax code actually subsidized and facilitate people moving their funds to tax havens,” Sperling said at an official White House meeting. He even indicated that President Obama “supports” this change.
Technically, it would not be a “Global Tax” but a punitive tax , an unnamed White House “official” told Politico, on American companies “that ship jobs overseas.”
The reason these companies ship jobs overseas is that they can’t compete globally because costs are too high in the United States. The way to remedy the problem is to lower taxes here. Instead, the Obama Administration has resorted to class warfare rhetoric. No wonder. He’s seen the polls. If 72% of New Yorkers want rich people to pay more in taxes, it’s quite obvious that slapping a minimum tax on oversea corporations is an easy sell.
These same people will bellyache that everything they buy will be more expensive and blame the corporations. The corporations aren’t the problem; it’s the taxing structure, and I might add, the unions. The unions killed the American textile industry in the United States. It’s nearly killed the automobile industry.
Maybe the President should push a “basic minimum” tax on the 47 percent of Americans who don’t pay a dime in Federal income taxes but who vote for more taxes on their more productive and job-creating neighbors.
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